Ross Stores Stock Jumps On Q1 Earnings Beat: Key Metrics, Stock Repurchase And More
Portfolio Pulse from Adam Eckert
Ross Stores Inc (NASDAQ:ROST) shares surged in after-hours trading following the release of strong Q1 earnings. The company reported Q1 revenue of $4.858 billion and EPS of $1.46, both beating estimates. Operating margin improved to 12.2%, driven by lower costs. Ross Stores repurchased 1.9 million shares and plans to buy back $1.05 billion worth of stock in 2024. The company expects Q2 comparable sales to grow 2-3% and raised its full-year earnings guidance.
May 23, 2024 | 8:38 pm
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Ross Stores reported better-than-expected Q1 earnings, with revenue of $4.858 billion and EPS of $1.46. The company also improved its operating margin and announced significant stock repurchase plans. Shares surged 7.36% in after-hours trading.
The strong Q1 earnings beat, improved operating margin, and significant stock repurchase plans are positive indicators for Ross Stores. The market reacted favorably, with shares rising 7.36% in after-hours trading. The raised full-year guidance further supports a positive outlook.
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